Equitable distribution is the separation of the marital estate. Governed by N.C.G.S. §50-20, it is important to understand how your personal and real property will be divided when you divorce. If you are facing a claim for equitable distribution, whether brought by you or your spouse, the court will first classify your property as marital, separate, and divisible. Generally defined, marital property is any property that is acquired from the date of your marriage through the date you separate. Separate property is any property acquired before the marriage and after the date of separation. Separate property may also include inheritance and gifts received during the marriage. Divisible property is the property that is earned during the marriage but not realized until after the date of separation. Then, the court will consider a number of factors before determining how to distribute the marital estate.
Equitable distribution is a complex and lengthy process. Whether you are litigating your matter or working towards a settlement, it is important to fully understand how to identify and classify your real and personal property. Freedom Law | North Carolina has the experience you need to ensure that your interests remain protected during the separation and divorce process.
Equitable Distribution and Property Division
Going through a divorce is never easy, but making sure that you are aware of the options available to you during property division can make the process smoother. In North Carolina, couples can pursue equitable distribution during a divorce. This means that either the couple will work together to divide their assets fairly and reasonably, or may petition the Court to do so.
What Does Equitable Distribution Mean?
Equitable distribution is a process that is used to divide marital assets between two parties fairly. This can be done either through negotiation, mediation, or court order. In North Carolina, equitable distribution provides for an “equitable” division of the marital assets and debts fairly between the divorcing spouses.
The factors that courts use to determine what is fair can vary from state to state. In North Carolina these factors include the length of the marriage and each spouse’s contribution to the marriage (including homemaking and childrearing). When dividing property, courts will also consider each spouse’s ability to continue accruing assets after the divorce. Ultimately, the goal of equitable distribution is to make sure that each spouse receives a fair share of the property.
How Is Marital Property Divided in North Carolina?
In North Carolina, the law requires that all property be divided equitably between divorcing spouses. This means that the court will consider many factors when deciding, such as the length of the marriage, each spouse’s contribution to the marriage, and each spouse’s ability to support themselves after the divorce. The court will also consider any factors that may make an equal division of property unfair, such as one spouse’s misconduct during the marriage. Ultimately, the goal is to ensure that each spouse receives a fair share of the property.
Marital property consists of assets that can be sold or divided between the spouses, such as a house or a car. However, some property types cannot be divided, such as a family business or a retirement account. If the court determines that the property cannot be divided, it will have to find another way to divide it between the spouses fairly. This can often be a complicated process, so it is essential to consult with an experienced divorce attorney who can help you determine which assets can be divided and which cannot.
What Do I Need to Know About Equitable Distribution of Property in a North Carolina Divorce?
If you are getting divorced in North Carolina, it is essential to understand the state’s laws on equitable distribution. This process can be complex and challenging to navigate on your own, so it is always advisable to consult with an experienced divorce attorney. Here are some things you should know about equitable distribution in North Carolina:
• All personal property acquired during the marriage is presumed to be marital property, regardless of its title. This includes income, savings, pensions, and other retirement accounts.
• The court will equitably divide the marital property and debts, meaning fairly and objectively. However, the court does have the discretion to award a more significant share of the marital property to one spouse if it finds that doing so would be fair and just.
• Factors that the court may consider when deciding include each spouse’s income and earning potential, contributions to the marriage, and needs after the divorce.
• The court will also consider any factors that may make an equal division of property unfair, such as one spouse’s misconduct, such as marital waste, during the marriage.
While divorce is always a difficult decision and a painful process to go through, property division does not have to be. With the help of an experienced North Carolina family law attorney, you can ensure that your assets are equitably divided in a fair way to both parties. Freedom Law | North Carolina can help you protect your interests and move on with your life.
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